Ascendas-Singbridge Group has partnered Mitsui & Co to own and operate two office buildings in Shanghai, China, the company announced today.
Through a 55:45 partnership, the companies will manage Ascendas Innovation Place (AIP) and Ascendas Plaza (AP). The two firms will work together on the development and upgrading of both buildings, investments as well as leasing.
AIP is located at 686 Jiujiang Road, which is close to the iconic People’s Square. It has a total gross floor area (GFA) of 267,838 sq ft.
Ascendas Innovation Place (Credit: Ascendas-Singbridge)
AP is located at Tianyaoqiao Road in Xujiahui, one of Shanghai’s major sub-centres. The Grade-A building spans 27 storeys and has a GFA of 473,644 sq ft. It includes a five-storey retail podium. The property is currently undergoing refurbishment, which is slated for completion in the second quarter of 2019.
Ascendas Plaza (Credit: Ascendas-Singbridge)
This partnership is the fourth collaboration between Ascendas-Singbridge Group and Mitsui in Asia. The other three joint projects by the two companies are: Galaxis and 79 Robinson Road in Singapore, as well as Nusajaya Tech Park in Malaysia.
The collaboration also marks the seventh anniversary of Mitsui’s partnership with Ascendas-Singbridge Group, says Kain Matsumoto, general manager, real estate business division of Mitsui.